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Fans revise Liverpool buy-out bid

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Fans revise Liverpool buy-out bid Empty Fans revise Liverpool buy-out bid

Post by Fabregas04 Sat Jul 25, 2009 4:24 am

Supporters groups Spirit of Shankly and ShareLiverpoolFC have unveiled a new, joint proposal to buy Liverpool.

The supporters' organisations are unhappy with the financial structure of the club following the takeover by Americans George Gillett and Tom Hicks.

The key change to the original "member-share" proposal is a reduction of the share price from £5,000 to £500.

Gillett and Hicks have been allowed to delay repaying the club's £350m debt in full, it emerged on Friday.

The Americans had been negotiating an extension on the club's debt with the Royal Bank of Scotland for several months and sources said a statement would be issued next week.

The alternative was for one of the world's biggest clubs coming, effectively, under the control of the Government who own a majority share in RBS.

Last month RBS took the unprecedented step of writing to Liverpool's supporters to justify continuing financial support of the club's American co-owners. The bank had been flooded with e-mails from fans calling for the plug to be pulled on Hicks and Gillett's debt.

Before Friday's development, the SLFC had issued a statement on Thursday evening.

It said it had a "realistic plan" to achieve "broadly-based fan ownership of the club" and would work to "relieve the level of debt, by offering Liverpool fans an affordable entry fee and a chance to get a modest return for their additional financial support."

It added: "We need all Liverpool fans to carefully consider the proposals in detail on our website and let us know what they think."

The supporters' groups first proposed a takeover - the model of which is based upon that operated by Barcelona, Real Madrid and other European clubs - in January 2008.

Initially they hoped to raise £500m from 100,000 fans each paying the £5,000 'entry fee', but this has now been reduced.

The aim is to acquire a 60% stake in the club by raising £150m while seeking a "commercial partner" to invest £100m for a 40% stake.
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